{"id":49599,"date":"2021-09-16T17:02:41","date_gmt":"2021-09-16T14:02:41","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=49599"},"modified":"2025-09-02T13:26:33","modified_gmt":"2025-09-02T10:26:33","slug":"laos-legalises-cryptocurrency-mining-and-trading","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/laos-legalises-cryptocurrency-mining-and-trading\/","title":{"rendered":"Laos legalises cryptocurrency mining and trading"},"content":{"rendered":"

Laos authorities have approved mining and trading of Bitcoin, Ethereum and Litecoin by six companies. The move comes a month after warnings from the central bank about risks associated with cryptocurrencies, according to the Laotian Times<\/a>.<\/p>\n

The new activity has been approved for Wap Data Technology Laos, Phongsubthavy Road & Bridge Construction Co., Sisaket Construction Company Limited, Boupha Road-Bridge Design Survey Co., Ltd., Joint Development Bank and Phousy Group.<\/p>\n

The Ministries of Technology and Communications, Finance, and Energy, and a number of other agencies, in coordination with the Bank of Laos and the state electricity company will conduct consultations on regulating the use of cryptocurrencies in the country. A joint report will be presented to the prime minister on 16\u201317 September.<\/p>\n

Analysts surveyed by the Financial Times<\/a> described the Lao authorities’ decision as logical given the excess hydropower generation and crackdown on miners<\/a> in China.<\/p>\n

Some warned that the new activity could attract criminal organisations. The north-west of the country lies in the so-called \u0437\u043e\u043b\u043e\u0442\u043e\u0439 \u0442\u0440\u0435\u0443\u0433\u043e\u043b\u044c\u043d\u0438\u043a<\/a>, known as the region for the production and trafficking of drugs.<\/p>\n

Legalisation of cryptocurrencies may be explained by a drop in tourism revenues amid the COVID-19 pandemic. The fall in tourist traffic could also have reduced electricity demand, while the government spent substantial funds on building dams on the Mekong River and its tributaries.<\/p>\n

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“Using hydroelectric power in mining will allow Laos to position the industry as carbon-neutral,”<\/em> said David Tak, partner at Lyriant Advisory.<\/p>\n<\/blockquote>\n

The Lao government recently pledged to intensify efforts to combat money laundering. It was previously criticised by the FATF<\/span> and the United Nations Office on Drugs and Crime, the publication noted.<\/p>\n

The IMF has warned of risks in El Salvador’s bitcoin payments<\/a>, and the World Bank has declined to assist<\/a> the country with the implementation of cryptocurrency.<\/p>\n

Subscribe to ForkLog’s channel on YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Laos authorities have approved mining and trading of Bitcoin, Ethereum and Litecoin by six companies. The move comes a month after warnings from the central bank about risks associated with cryptocurrencies, according to Laotian Times.<\/p>\n","protected":false},"author":1,"featured_media":49600,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1137,971,2244,36],"class_list":["post-49599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-cryptocurrency-mining","tag-fatf","tag-laos","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=49599"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49599\/revisions"}],"predecessor-version":[{"id":49601,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49599\/revisions\/49601"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/49600"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=49599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=49599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=49599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}